Trading Market Commentary May 27, 2017

The US indices continue the ongoing assault on their near higher levels of all-time yesterday, with record finishes for the NASDAQ and the S&P. Together NASDAQ and S&P have progressed more than 1% this week reaching record closes following seven positive trading sessions. The NASDAQ results continue to be very impressive this current year with results well over 30%.

Asian and European markets were at a negative balance yesterday. All future primary European bourses dropped yesterday having IBEX beeing down the most at -0.3%; FTSE100, meanwhile, discovered a buying moments but most likely on the back of the lagging currency. The DAX30 carries on to move lower ever since the French elections, being the robust Euro Dollar, the Manchester strike, as well as the very soft energy group drag Euro equities lower. The benchmark is undoubtedly testing the significant support level around 12,500 as I have stated on May 24, market Commentary. In the event the downfall carries on, the 12,370 and also 12,250 support points could be in play this coming week.

A great deal of this weekend media is going to be centered on the G7 meeting, aside from that we're closing in on UK elections as well as BREXIT divorce proceedings. The first part of the next week we've end of the month period which may produce a number of forecasts for the summer season. Volatility continues to be lower before the 3-day weekend. However, the deficiency of upside strength is pretty obvious.

Currency markets were quite active yesterday, as the US Dollar (DXY) continues to recover after its Trump-slump. The Pound was the weakest major currency of the yesterday, as investors and traders focus on the upcoming elections, The BREXIT discussions continue to reveal a cluttered process, with economic numbers mixed lately. The Euro Dollar was a little bit lower in comparison to the US Dollar, despite the fact that it continues to trade nearby the 1.12 level, the highest as well as best performance since last summer months.

Gold has witnessed a great rebound in the past few days closing at the $1267 level.

The parabolic surge of Bitcoin appears to have been cut off by sharp sell-off. However, Asian purchasing preserved the day yet again. Bitcoin shed a whopping over $8 billion with market capitalization during the downturn, falling from $2800 to $1900 as of this writing. (See my post-https://www.tradingsig.com/cryptocurrency.html for warning on investing in the Bitcoin).

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